Copper anode imports rebounded significantly MoM in April 2025, while showing a notable year-to-date YoY decline [SMM Analysis]

SMM News on May 21:

    According to data from the General Administration of Customs, China imported 74,200 mt of copper anode in April 2025, up 47.95% MoM and 14.00% YoY. From January to April 2025, cumulative imports of copper anode reached 244,700 mt, down 17.69% YoY.

    By country, China imported 39,200 mt of copper anode from Zambia in April 2025, accounting for 52.85% of total imports, up 106.60% MoM and 42.53% YoY. Imports from Chile were 9,600 mt, accounting for 12.99% of total imports, down 3.46% MoM and 4.69% YoY. Imports from South Africa were 8,900 mt, accounting for 12.02% of total imports, up 177.87% MoM and 90.52% YoY.

    Following the record low in China's copper anode imports in March 2025, imports rebounded significantly in April on a MoM basis, with the increase mainly coming from Africa. SMM analyzed that the main reason was that previous shipping capacity issues had delayed the arrival of some shipments, and there were profitable opportunities in the SHFE/LME price ratio in April. Therefore, it is expected that copper anode imports will maintain a rebound trend in May. However, cumulative imports from January to April 2025 remained low compared to previous years. The main reason was that amid no increase in supply, demand in Southeast Asian countries had risen, diverting some shipments overseas.

    However, it is worth noting that the import volume of copper scrap ingots (red/copper ingots) under HS code 74031900 has grown rapidly. China imported 48,300 mt of copper scrap ingots (red/copper ingots) in April 2025, up 12% MoM and 149% YoY. From January to April 2025, cumulative imports of copper scrap ingots (red/copper ingots) reached 155,500 mt, up 130% YoY. Among them, the top three importing countries were Zambia, DRC, and Pakistan, accounting for 17.3%, 16.8%, and 14.6% of total imports, respectively.

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